UK - The trustees of J Sainsbury plc's pension scheme are to be approached "imminently" by Delta Two, the Qatari-backed investment group which has been in talks with the retail company.
Following the submission of a revised proposal by Delta Two, the board of Sainsbury's said Delta Two could begin the due diligence process.
For its part, Delta Two said it would work constructively with the trustees of Sainsbury's pension schemes and discuss “appropriate levels of funding”.
A joint statement from Sainsbury's and Delta Two said: “Delta Two recognises the importance of ensuring that the Sainsbury's pension schemes are appropriately funded, and intends to work constructively with the Sainsbury's pension trustees to reach agreement on the appropriate level of funding for the schemes."
The latest twist in the saga came after a deadlock had developed between trustees and Delta Two.
Unite, Britain’s largest union, has also highlighted pension concerns among its reasons for urging the board of J Sainsbury plc to block a possible takeover.
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.